OakNorth Bank – the UK bank powered by OakNorth – has provided a £3.7m loan to Clearview Developments for a new residential development in Royal Tunbridge Wells.
The finance will be used to convert a detached period mansion with five apartments – Broadwater House – into 14 one and two-bedroom apartments across four floors. The site, which is surrounded by beautifully landscaped grounds, offers off-street parking, electric charging points and is situated just a mile away from Tunbridge Wells train station, offering regular trains into London in less than an hour.
In addition to the area’s good transport routes, it is also home to a number of top-ranking state and private schools, stately homes and gardens, making it a desirable destination for families.
Jason Tema, Director at Clearview Developments, commented: “The latest Borough of Tunbridge Wells’ Housing Need Study shows that the area’s population is estimated to increase by 9.4% to 128,800 in the next decade, so it’s in need of new homes. We thoroughly appreciated the eagerness and speed at which Hemesh and his team operated – following the credit committee which we got to attend in person, we received an answer within a few hours and I have found OakNorth Bank to be very commercial with decisions at each step of the process.”
Hemesh Patel, Director of Property Finance at OakNorth, added: “Jason and his team have an impressive track record of converting residential properties in popular areas, and this new development, targeting daily commuters and families looking for a more suburban lifestyle is a perfect example of this. We look forward to working with the team on further projects in the future.”